Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points to a range of 3.75% to 4.00%, aligning with market expectations, but Chairman Powell has issued hawkish signals, questioning the certainty of further rate cuts in December, emphasizing that the rate cuts aim to push towards policy neutrality, which has led to a reversal in market expectations, a decline in stock markets, and a surge in Treasury yields [1] Market Reaction - Following the news and the recent short-term gains, the growth style has seen significant pullbacks, particularly in the semiconductor sector, which has dragged down the ChiNext 50 ETF by over 2%, dipping below the 20-day moving average during intraday trading [1] Long-term Outlook - In the medium to long term, breakthroughs in hard technology remain a critical issue to be addressed domestically, suggesting that investors should continue to pay attention and consider phased investments after adjustments [1]